This bill establishes a timeline for the Department of Commerce's Bureau of Industry and Security (BIS) to make decisions on applications for export licenses and establishes certain reporting requirements.

Specifically, the bill directs BIS to make a decision on whether to approve an application for an export license and notify the applicant of the decision within 90 days of receiving the application.

If no licensing decision is made within 120 days of submission of the application, BIS must notify the applicant of the status of the application, the reason a decision has not been made, and request any additional information necessary to make a decision.

BIS must submit quarterly reports to specified congressional committees on the processing of license applications and other requests for authorization for the export, reexport, release, and in-country transfer of controlled items.

The bill also requires the Government Accountability Office to audit and report to specified congressional committees on the license review process of BIS.